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HomeContributorsTechnical AnalysisAUD/USD Pair Entered a Bearish Zone Below $0.6950

AUD/USD Pair Entered a Bearish Zone Below $0.6950

FXOpen
By FXOpen

The Aussie Dollar started a fresh decline from the 0.7000 resistance zone against the US Dollar. The AUD/USD pair declined below the 0.6950 level to enter a bearish zone.

There was a clear move below the 0.6920 support and the 50 hourly simple moving average. The pair spiked below the 0.6860 level and formed a low at 0.6848. It is now consolidating near the 0.6850 level.

An immediate support is near the 0.6850 level. The next key support is near the 0.6825 level. A downside break below the 0.6825 support could lead the pair towards the 0.6800 support.

An immediate resistance on the upside is near 0.6880 on FXOpen. If there is an upside break above the 0.6880 level, the pair could rise steadily towards the 0.6920 level in the near term. The main resistance now sits near the 0.6950 level.

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